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Thursday, 15 May 2014

Dyman Associates Insurance Group of Companies: 10 Things You Should Know About Purchasing Home Insurance

1. You
Need Home Insurance

Homeowners need to purchase
home insurance to protect their homes and personal property. Those who rent
need insurance to protect their furniture and other personal property. Everyone
needs protection against liability for accidents that injure other people or
damage their property.

2. Decide
How Much Coverage You Need

The better your coverage, the less you will have
to pay out of your own pocket if disaster strikes. In some cases, your lender
decides how much coverage you need and may require you to buy a policy that
covers at least the amount of the mortgage. It is important to note that the
amount of coverage you buy for your house, contents and personal property will
affect the price you pay.

3. Compare
Deductibles

The deductible is the amount you have to pay out
of pocket on each claim and applies only to coverage on your house and personal
property. Make sure when choosing a policy that you are comfortable paying the
deductible if you make a claim. Remember, a policy with a $100 deductible will
cost more than one with a $250 deductible. Higher deductibles may be available
at a reduced price.

4. Replacement
Cost or Actual Cash Value?

You have the option to choose to insure your home
and belongings for either replacement cost or actual cash value. Replacement
cost is the amount it would take to replace or rebuild your home or repair
damages with materials of similar kind and quality, without deducting for
depreciation. It is important to insure your home for at least 80 percent of
its replacement value. Actual cash value is the amount it would take to repair
or replace damage to your home afterdepreciation.

5. Shop
Around Before You Buy

You are not required to purchase insurance
from the company your lender recommends. There are a number of unbiased sources
available to find out what different insurers charge for identical products and
services, including your state insurance department, consumer publications and
your public library.

6. Ask
Your Agent About Discounts

In some states, insurers offer lower prices for
such things as insuring your home and car with the same company, installing
deadbolt locks or alarm systems or replacing the roof.

7. Basic
Coverages Available

Whether you own or rent, there are different
packages of home insurance offered to protect your home and belongings. Each
package protects against a specified number of events that cause damage to
property. Three examples are fire, windstorm and theft. In addition, each
package policy usually contains four additional types of coverage: property
damage, additional living expenses, personal liability and medical payments.

8. Where
to Shop

Check the newspaper and yellow pages of the
telephone directory for companies and agents in your area. In addition, ask
your neighbors, relatives and friends for recommendations on insurance
companies and agents. Remember to shop around to get the best price and
service.

9. Read
Your Policy Carefully

You should be aware that a home insurance policy
is a legal contract. It is written so that your rights and responsibilities as
well as those of the insurance company are clearly stated. When you purchase
home insurance, you will receive a policy. You should read that policy and make
certain you understand its contents. Keep your policy in a safe place and know
the name of your insurer.

10. Review
Your Home Insurance Needs Every Year

Check with your insurance agent at least once a
year to make sure your policy provides adequate coverage. The addition of a
room, new insulation or remodeling add value to your home and therefore may
increase replacement cost.